CWT, a company that arranges business travel and meetings that was hit hard by the pandemic, reached a restructuring agreement with creditors that would allow it to shed around $900 million of debt and receive an equity infusion from existing investors.
The plan, which is being supported by holders of 90% of the companys debt, would replace $1.5 billion of CWTs existing obligations with $625 million of new first-lien securities and an undrawn credit line, according to a statement.
Existing investors including Barings LLC will also add $350 million of new equity to the business in return for a majority …
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